Jay Gould, original name Jason Gould, (born May 27, 1836, Roxbury, New York, U.S.—died December 2, 1892, New York, New York), American railroad executive, financier, and speculator, an important railroad developer who was one of the most unscrupulous “robber barons” of 19th-century American capitalism.
How did people view Jay Gould?
Over the course of his career, Gould made and lost several fortunes as a railroad executive, financier, and speculator. Gould had a reputation for ruthless business tactics, many of which would be illegal today, and during his lifetime he was often thought to be the most despised man in the nation.
Who is Jay Gould and what did he do?
Jason Gould (/ɡuːld/; May 27, 1836 – December 2, 1892) was an American railroad magnate and financial speculator who is generally identified as one of the Robber barons of the Gilded Age. His sharp and often unscrupulous business practices made him one of the wealthiest men of the late nineteenth century.
How did Jay Gould impact society?
When it came to running railroads, Gould was something of a genius. From the mid 1870’s until his death, he had a hand in developing some of the major lines of the West, including the Union Pacific and Missouri Pacific. Among his contemporaries in the railroad business, he was respected as an innovator in the field.
How did Jay Gould become successful?
American financier and railroad builder Jay Gould made a fortune by controlling the price of the stocks he bought as well as the stock market itself. He later became one of the shrewdest businessmen in American industry.
How did Jay Gould treat his workers?
Gould’s attitude toward his workers was that he hired them to do a job and they should be grateful he did. Gould was against labor unions because they challenged his unfair work practices. For example, in 1885 Gould fired all the shopmen who belonged to the labor union known as the Knights of Labor (KOL).
Who did Jay Gould bribe?
At the root of the scandal were two well-known scoundrels, Jay Gould and Jim Fisk. The two financiers had worked together in 1868, when they used stock fraud and bribery to keep Cornelius Vanderbilt from taking control of the Erie Railroad, which they owned.
What did Jay Gould do for the economy?
Gould recognized that if the farmers in the Midwest could sell their grain on the global market it would create more volume for his Erie line. He recognized that what is good for others could do him just as well. By manipulating the price of gold, farmers in the Midwest would rejoice and Gould would profit as well.
Was Jay Gould a philanthropist?
At the time of his death in December, 1892 Gould was said to be worth about $72 million and while he did donate some money to charitable causes most of his fortune would be willed to his children.
Who do you think was the worst robber baron?
John D. Rockefeller controlled much of the American oil industry during the late 19th century and his business tactics made him one of the most notorious of the robber barons.
Was Jay Gould a robber baron and why?
Jay Gould was an American railroad developer and financier, and is recorded as the ninth richest businessman in U.S history. Gould’s manipulative business practices and partnerships with Tweed, Sweeney and associations with Tammany Hall made him the archetypal “robber baron” in his era.
What important role did Jay Gould play in the growth of the United States?
He was actually an empire builder who sought to create railroad and communication systems capable of meeting the needs of an expanding nation. He operated New York City’s elevated railroad and led Western Union to victory in its battle for control of the telegraph industry.
How would you describe a robber baron?
robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition.
Who were the 4 richest robber barons?
The practice of being the only person who controls a particular industry is known as having a monopoly over that industry. Four men in particular made names – and, subsequently, much money – for themselves during this time: JP Morgan, Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie.
